Governance
Prima Analytics
A cloud platform for insurance portfolio analysis and rate simulation
Prima Analytics
Prima Analytics is the cloud platform for portfolio analysis and rate simulation designed specifically for the insurance sector. Prima Analytics centralises, transforms and cleans your complex and scattered transactional data, turning it into reliable and actionable insights. The solution then applies key indicators and analyses specific to the insurance industry to help your senior management teams make informed strategic decisions.
A true decision-support solution, Prima Analytics lets you explore your insurance data to identify your profit and loss centers. With Prima Analytics, you can scientifically justify your corrective actions and help improve your technical profitability.
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Prima Analytics
After centralizing and segmenting our data in Prima Analytics, we now have a common repository to rely on for easily conducting our strategic analyses.
Sanlam Allianz
Thanks to the flexibility of Prima Analytics, we can equip all Sanlam entities, current and future, with a single decision-support/making solution. In fact, our 15 subsidiaries were able to quickly run their analyses on Prima Analytics, even though they don’t all manage their activities on the same systems.
Sanlam Allianz
Data mining tools do exist, but they are not dedicated to the insurance sector. Our users are unanimous: one of the main advantages of Prima Analytics is its adaptation to their business. The software is ready to use, which saves them precious time.
Life and non-life insurer
Our teams were immediately impressed by the enhanced user-friendliness and calculation power of Prima Analytics. Our colleagues appreciate the ease of use and the simplicity of navigation. The results are obvious after just a few weeks’ use of the new version.
Life and non-life insurer
In just a few months, the decisions taken with Prima Analytics enabled us to observe a 4 to 5 point reduction in claims on the automobile portfolio.
Life and non-life insurer
Exploration
Explore your insurance portfolios using pre-calculated KPIs
Whether you are a managing director, product manager, marketing manager, branch manager, actuary or reporting specialist, Prima Analytics enables you to monitor and segment your insurance data so you can track your objectives, analyse trends and optimise your portfolios.
Whatever the type of portfolio (motor, construction, health, life, reinsurance, etc.), your data can be fed into the platform to provide you with crucial insights into each of your activities, without affecting the performance of your management tools (replicated database).
Key metrics tailored to your industry
With Prima Analytics, explore your portfolios using pre-calculated key metrics tailored to the insurance sector (S/P ratio, claims frequency, pure premiums, average costs, exposure, sums insured, earned premiums, etc.). Dive deep into your data – right down to the details of policies, claims or cancellations. You can also easily create your own variables and analyses to better track your technical and financial results, detect fraud or analyse your portfolios by geographical area.
In-depth analysis of your business
With Prima Analytics, whether you’re a technical expert or not, you can easily carry out advanced analyses based on statistical and actuarial models. The claims explorer allows you to navigate dynamically through the depth of your portfolios, cross-reference analysis axes, vary the charts and test different views. Quickly identify your sources of loss and profit, with or without capping, and track trends using moving averages.
Customised dashboards to make the most of your data
With Prima Analytics’ no-code interface, explore your data visually using drag-and-drop and drill-down functions. Easily create and customise your dashboards to showcase your analyses. Classify and organise your information visually to identify atypical segments, high-claims areas, distribution channels requiring monitoring, or incorrectly priced cover.
Simulation
Pricing simulations and optimisation to improve your technical profitability
Using a scientific and technological approach, Prima Analytics enables you to measure the marketing, financial and commercial impacts of your various activities and to periodically reassess their scope throughout your products’ lifecycle.
Advanced pricing simulations
Prima Analytics facilitates comparisons between periods, smooths out seasonal variations and analyses trends according to different variables (premiums, S/P, etc.) or using moving averages. The software also enables predictive analyses (elasticity) and pricing simulations (what-if) to test different scenarios or adjust your offers in line with your P/L targets (linear regression). You can target an entire portfolio or specific segments. With Prima Analytics, simulate your business decisions and track their impact on your results.
Optimising your pricing strategy
With Prima Analytics, you can easily anticipate and justify the impact of your pricing changes. Advanced simulations provide a clear picture of current and future trends, and highlight areas for optimisation in underwriting rules, claims handling and provisioning calculations.
Decision Support
Prima Analytics transforms your insurance data into actionable insights to help you make better decisions. Its intuitive interface allows you to visualise your assumptions and analyses, and easily share them with your management teams.
Provision
Claims Provisioning Module
Prima Analytics’ Claims Provisioning Module enables insurers to estimate and monitor the technical provisions required to cover future claims-related liabilities.
This module uses historical claims data to apply actuarial projection and estimation methods, enabling the assessment of amounts remaining to be paid for claims that have occurred but have not yet been fully settled.
Advanced analytical tools
Prima Analytics enables you to carry out in-depth analyses, including tracking the trend in claims costs over time and constructing and visualising development triangles. You can apply various actuarial methods for calculating provisions and estimate provisions for claims outstanding (IBNR and IBNER). Finally, Prima Analytics makes it easy to compare your results across different scenarios or assumptions.
Interactive management and justification of provisions
With Prima Analytics, you can create interactive visualisations and dashboards that enable actuaries and finance teams to monitor, document and justify their provision estimates.
Transparency and reliability
By centralising data and calculations in a single environment, Prima Analytics helps to secure the provisioning process and improve the transparency of technical estimates.
Integrated analysis of claims and ultimate ratios
The provisioning module is integrated with Prima Analytics’ data exploration and dashboard features, enabling direct analysis of ultimate claims costs and ultimate S/P ratios within reports and analyses.
Reporting
Showcase your analyses to make informed decisions
With Prima Analytics, simplify and clarify your complex data. Share your analyses across your entire ecosystem – senior management, local branches, brokers – to facilitate strategic decision-making.
Smart dashboards
Quickly create customised dashboards with pre-calculated insurance KPIs. Thanks to Prima Analytics’ intuitive interface, you can adjust your analysis criteria and the granularity of your segments with a single click, without the need for complex calculations.
Easy-to-use reporting functionalities
Access predefined reports and advanced analyses, such as fraud detection or data quality assessment. Easily create lists and export your information at policy or claim level.
Strategic overview
With Prima Analytics dashboards, all your consolidated data appears on a single screen. At a glance, compare, identify and anticipate trends, spot areas for attention, and gain a clear strategic overview accessible to all teams.
Share with your ecosystem
With Prima Analytics’ intuitive interface, visualise your insights and share them according to access rights (management, branches, brokers). Interactive dashboards enable your teams to understand scenarios and make informed decisions.